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Mar 05, 2024
Educational
Good DeFi UI: More Than Meets the Eye
by Orderly Network
Good DeFi UI: More Than Meets the Eye

The success of modern technology has hinged on the ability to present complex code-based systems in a manner that is easily understandable to end users. This simplified presentation - an intuitive interface - sits at the core of good user experience (UI). Hence, a good user interface holds the key to adoption or otherwise for any technology.

CEXs and DEXs have recorded varying degrees of success and adoption, and a significant reason is due to the huge gap in onboarding experiences for users. CEXs are known for having better, more intuitive, and familiar interfaces to TradFi, hence their popularity amongst traders. — despite the numerous advantages of DEXs.

Therefore, a good DEX UI holds the key to driving the adoption of DEXs amongst traders, especially newbies, while retaining the efficiency that makes them appealing to advanced traders.

Understanding a Good User Interface

A user interface is the readable and graphical component of a website, a web app, or a mobile application. It encompasses texts, designs, and the general flow of a platform. A UI is the primary component that determines how easily a user can engage an app or piece of software.

A well-designed DEX UI is more than just a visually appealing interface; it's the gateway that allows users to effortlessly navigate, execute trades, and manage their investments without a steep learning curve. Essential elements of a high-quality UI include clarity, efficiency, and a seamless blend of form and function, enabling users to find what they need and complete tasks with ease.

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Building a DEX that inculcates all the components of a good UI requires craftiness, as developers need to constantly strike a fine balance between product delivery and user experience.

DEXs and the UI Challenge

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DEXs typically struggle with balancing three core aspects of DeFi without compromising on any front;

  • Liquidity (i.e. fragmented liquidity across chains)
  • Infrastructure (i.e. seamless cross-chain compatibility)
  • User Experience (i.e. latency issues, real-time price feeds, and user-friendly interface)

In most cases, DEXs struggle with attaining one or more of these within their protocols, almost synonymous with the infamous scalability trilemma. Many DEXs often have sufficient liquidity but are plagued by inefficient and risky cross-chain infrastructures (e.g., blockchain bridges). Other issues such as network congestion leading to slow transaction speeds and a shortage in trading features/options offered to users all make DEXs unattractive to potential users.

In essence, DEXs have come to be the most complicated of the two versions of exchanges in the crypto space, often too complex and confusing for beginners. This challenge is a major factor in newbies gravitating towards more friendly and familiar interfaces offered by CEXs.

While some DEXs have etched closer to attaining these 3 core aspects of DeFi trading, they are often largely suited to advanced and experienced traders. It is not uncommon for traders to stick to using just one DEX as they try to avoid the stress of mastering the intricacies of yet another DEX altogether.

Thus, DEXs must improve their UI to challenge CEXs and become more appealing to more users.

Solving the UI Challenge on DEXs

Solving the UI challenge on DEXs will require that they deliver all of the components of a good UI (speed, ease, time/cost efficiency, etc) as well as the core essentials for DeFi trading (liquidity, infrastructure, and user experiences).

To deliver robust user experiences and easy user onboarding, DEXs almost have to be built as hybrid entities that embody the best features of DEXs and CEXs into one super platform, capable of the execution speeds and robust liquidity associated with CEXs without compromising on self-custody, transparency, and decentralization features of DEXs. It must create a balance in UI that is simple for newbies, yet sophisticated enough to meet the needs of experienced traders.

Orderly Network fits perfectly into this ideal as our infrastructure readily integrates the speed of CEXs and the composable components of DEX. How? At Orderly Network, we have solved for;

  • Liquidity; with a unified orderbook, powered by professional market makers.
  • Infrastructure; by delivering CeFi-level trade execution – low-latency, high throughput trading, – but with all of the benefits of DeFi
  • User Experience and Onboarding; by creating a robust SDK that equips builders with in-built, customizable desktop/mobile UI components and theme-builders that enable rapid development of DEXs and front-ends with ease.
The Orderly Theme Builder Interface

Orderly Theme Builder

With this, Orderly aims to allow DeFi protocols & builders focus on delivering superior user experiences. We believe advancing DEX UIs is an integral part of the journey to bringing all traders onchain.

In our upcoming blog sequel, we will explore each UI component that Orderly offers to support builders in delivering the optimal trading experience for their users.

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